A few interesting points for doctors from the 10th edition of the Scottish Widows Retirement Research Report after a survey of some 5,000 adults in the UK in March 2014.
- The average percentage of earnings being saved for retirement in the UK is now 10.2% (up from 9.1% last year). Please compare this percentage with your current contribution rate to the NHS Pension Scheme (and any private pension provision that you may be making). If you are not sure what your NHS Pension Scheme contribution rate is just get in touch. It ranges between 5% and 14.5% depending on your whole time equivalent income.
- 1 in 3 of the UK population do not know whether their retirement savings are going to be adequate. The NHS Pensions Agency can send you a projection of what your pension income is likely to be based on certain assumptions. You can apply for this yourself or we can on your behalf. Of course, your NHS Pension might only be one part of your overall retirement 'pot'. Get in touch for a full retirement planning review.
- The average income people think they need at 70 is £22,500 - as above please get in touch so we can start working towards your own personal goals.
- The average age people in the UK want to retire is 62 and if they really had to people would work on to 67. When do you want to retire? And is this realistic?
- 53% of respondants would prefer face to face advice with regard to their retirement planning. Clearly, with the up-coming changes to the NHS Pension Scheme in 2015, sound advice is essential if you want to get the kind of retirement you dream of.